REP. ALFRED MCCANDLESS (R-CA)

On January 1, 1992, Rep. McCandless purchased between 250,000 and 500,000 dollars worth of stock in Glass Financial Corp. According to a June 11, 1993 article by Jim Specht (Gannett News Service), Glass Financial is run by McCandless' son, Craig A. Glass.

According to Database America Companies Inc., Glass Financial is based in Palm Desert, CA and services Riverside and San Bernardino, CA. The company has between 1 and 19 employees, and its SIC designations include: "Real Estate Investment Trusts," and "Mortgage Bankers and Loan Correspondents."

Thirteen days earlier (December 19, 1991), President Bush signed 102 P.L. 242: the COMPREHENSIVE DEPOSIT INSURANCE REFORM AND TAXPAYER PROTECTION ACT (Senate version title--1991 S. 543). The House version (1991 H.R. 3768) was titled, FEDERAL DEPOSIT INSURANCE CORPORATION IMPROVEMENT ACT.

Two sections in P.L. 242 would appear to affect Glass Financial. These are:

SEC. 224. HOME MORTGAGE DISCLOSURE ACT. (a) In General. Section 309 of the Home Mortgage Disclosure Act (12 U.S.C. 2808) is amended-- (1) by striking "depository" before "institution;" (2) by inserting "specified in section 303(2)(A)" after "institution;" and (3) by adding at the end the following: "The Board, in consultation with the Secretary, may exempt institutions described in section 303(2)(B) that are comparable within their respective industries to institutions that are exempt under the preceding sentence." (b) Effective Date. This section shall become effective on January 1, 1992.

SEC. 426. UTILIZATION OF PRIVATE SECTOR. Section 11(d)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1821(d)(2)) is amended by adding at the end the following new subparagraph: "(K) Utilization of private sector. In carrying out its responsibilities in the management and disposition of assets from insured depository institutions, as conservator, receiver, or in its corporate capacity, the Corporation shall utilize the services of private persons, including real estate and loan portfolio asset management, property management, auction marketing, and brokerage services, if such services are available in the private sector and the Corporation determines utilization of such services is practible, efficient, and cost effective."

NOTES: Rep. McCandless is # 7 on the House Banking, Finance and Urban Affairs Committee, and # 1 on the Consumer Credit and Insurance Subcommittee. Rep. McCandless voted "AYE" on the House Bill H.R. 3768, and was appointed as a conferee (11/23/91) to resolve differences between the House and Senate versions before the President signed P.L. 242. Rep. McCandless was a member of the Riverside County Board of Supervisors from 1970-1982, and Chairman of the Riverside County Housing Authority from 1974-1982.